In a significant move, Scottish fintech company Inbest partners with Lloyds Banking Group to aid UK households in accessing government benefits worth £23bn.
- The partnership introduces a new Benefit Calculator aimed at simplifying benefit claims for users.
- This tool requires users to answer six basic questions to estimate potential benefits accurately.
- Tamara van den Ban emphasizes the importance of this tool in making benefit access easier for eligible individuals.
- Inbest developed this tool with a vision of simplifying the end-to-end process for customers.
Scottish fintech firm Inbest has joined forces with Lloyds Banking Group to address a pressing issue: the difficulty many UK households face in accessing government benefits. Estimated to the tune of £23 billion, these benefits often remain unclaimed due to complex application processes. By collaborating, Inbest and Lloyds aim to bridge this gap and ensure eligible households can access the support they are entitled to.
Central to this initiative is the new Benefit Calculator. This tool is designed to help users navigate the benefit claiming process with ease. Users begin by answering six questions related to their household, income, and living situation, which then allows the tool to estimate the benefits they may be eligible for. Following this initial estimate, users complete a more detailed questionnaire to refine the estimate and receive a comprehensive summary, including direct links for further action.
Tamara van den Ban, Customer Propositions Director at Lloyds, highlights the significance of the calculator. Many customers are unsure about the benefits they can claim or how to do so, she explains. The Benefit Calculator not only helps identify potential benefits but also provides clear guidance on the claiming process. The tool is comprehensive, checking eligibility for a range of supports, from home improvement grants to energy efficiency schemes.
Furthermore, this Benefit Calculator marks the beginning of a series of features that Lloyds plans to introduce. These are developed to enhance customers’ financial management capabilities, adding to existing services like subscription management, credit score checking, and card controls, thus putting more money directly into customers’ pockets.
Commenting on the collaboration, Inbest notes their dedication to co-designing a seamless customer journey. Our goal is to make accessing and managing benefits as straightforward as possible, said a representative from Inbest, emphasizing the collaborative efforts over the past few months in achieving this user-friendly tool.
This partnership exemplifies a forward-thinking approach, utilizing technology to improve financial accessibility for UK households.
